So you’re ready to get out of your own way, and tackle a big financial goal?
Here are some tips to help you get from dream to reality:
#1 Define the Goal:
For this example, let’s say you want to live abroad next summer (bye, Corona!). You don’t want to worry about work while you’re abroad, so you do a little research and discover you need to have $10,000 saved to do your European adventure in style.
#2 Work Backwards:
Once you know what your end goal is, work backwards to figure out how you’ll get there. Do you currently have any money saved that you could put towards the trip? How much wiggle room is in your current budget? How much would you need to save or earn to hit your goal by the deadline?
#3 Get Real with Yourself:
This part is crucial! Is your game plan realistic? Can you achieve this goal and still have room in your budget for fun? Remember, you can always extend your timeline ($500/month over 20 months may be easier to manage than $1000/month over 10 months).
#4 Consider What’s Held You Back:
Know yourself! What has tripped you up when pursuing a goal like this in the past? Think proactively about what might throw you off course (bad habits, unexpected expenses, etc) and create a plan now for how you’ll address each. Trust me, you’ll thank yourself later.